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Global climate talks in Egypt headed into their second half on Monday with still plenty of uncertainty whether a breakthrough can be made toward reaching a substantial deal on combating climate change.
A scheme to give speedy financial support to communities battered by climate disasters was launched Monday by a group of rich and developing nations at the UN COP27 summit in Egypt.The "Global Shield against Climate Risks" comes as many of the most vulnerable nations are also demanding wider compensation for the "loss and damage" they have already suffered from a heating planet.
The Global Shield, coordinated by G7 president Germany, aims to provide rapid access for climate-vulnerable countries to insurance and disaster protection funding after floods or drought. It is being developed in collaboration with the 'V20' group of 58 climate vulnerable economies
The geo-political groups have launched the Global Shield against Climate Risks, a scheme that will deploy financial support for vulnerable countries during cat events including via insurance provisions.
SHARM EL-SHEIKH, Egypt (Reuters) - Pakistan, Ghana and Bangladesh will be among the first recipients of funding from a G7 'Global Shield' initiative t...